Quarterly home lending, as well as annual activity, was down at First Republic Bank. Although the servicing portfolio contracted, residential assets expanded.
Residential loan originations from Oct. 1 through Dec. 31 of last year came to $2.034 billion.
The San Francisco-based financial institution disclosed the details, along with other financial and operational data, in its fourth-quarter 2015 earnings report.
Business declined from the third quarter, a period that saw $2.315 billion in mortgage production, and $2.224 billion in the final three months of 2014.
Fourth-quarter 2015 activity included $1.635 billion in single-family originations and $0.398 billion in home-equity lines of credit.
For all of 2015, First Republic’s production was $9.209 billion,
off from $9.391 billion the previous year. The annual drop contrasts that for most of the mortgage industry — which lifted full-year 2015 originations.
An additional $0.900 billion in commercial real estate loans were originated during the latest period, less than the $1.127 billion closed in the third quarter but more than the $0.822 billion funded in the fourth-quarter 2014.
The fourth-quarter 2015 CRE total consisted of $0.302 billion in multifamily loans, $0.292 billion in commercial mortgages and $0.305 billion in construction loans.
Full-year 2015 CRE production amounted to $4.097 billion, better than the $3.211 billion closed the previous year.
As of Dec. 31, 2015, First Republic serviced $10.531 billion in residential loans for investors, dipping from $10.550 billion at the end of the previous period.
But the servicing portfolio grew from $9.590 billion at the end of 2014.
First Republic owned $25.463 billion in residential assets at the end of last year, growing from $24.590 billion three months earlier and $22.706 billion a year earlier.
The year-end 2015 total included $23.092 billion in single-family loans and $2.370 billion in HELOCs.
Also on the bank’s balance sheet were $10.964 billion in CRE loans, up from $10.675 billion at the end of the third quarter and $9.397 billion at the end of 2014.
Multifamily loans accounted for $5.371 billion of the year-end 2015 CRE total, while commercial mortgages made up $4.463 billion, single-family construction loans represented $0.437 billion and multifamily construction loans were $0.693 billion.
At the bank-holding company level, earnings were $182 million, more than $178 million three months earlier and $158 million a year earlier.
There were 68 banking offices as of the end of last year.
